Estée Lauder Companies has purchased the remaining shares that it did not already own in Have & Be Co. Ltd., the Seoul-based skincare company behind Dr. Jart+ and Do The Right Thing.
The deal is expected to close in December of this year, following the initial investment in 2015. It also represents the first time that Estée Lauder has acquired an Asian-based beauty brand.
Dr. Jart+ represents one of the fastest-growing skincare brands globally and is expected to strengthen Estée Lauder leadership position in skincare further. Dr. Jart+ is especially geared towards extending Estée Lauder’s reach in Asia/Pacific, North America and the United Kingdom.
“As the Company’s first acquisition of an Asia-based beauty brand, Dr. Jart+’s focus on creating high-quality skincare products that fuse dermatological science, incredible innovation capabilities and artistic expression make it a terrific, strategic addition to our diverse portfolio of prestige beauty brands,” said Fabrizio Freda, president and chief executive officer of The Estée Lauder Companies Inc. “We look forward to continued global growth in the years to come.”
“Since the beginning of our partnership four years ago, the Company has shared our mission to provide the very best skincare and beauty products to consumers around the world,” said Have & Be’s founder and chief executive officer, ChinWook Lee. “We are excited for the opportunity to continue this partnership as we continue to innovate and grow our brands globally.”